The sixth package of measures for the Greek debt was approved today by the Board of Directors of the European Financial Stability Facility (EFSF).
In particular, it was decided to return to Greece 122.5 million euros paid by the country for interest in the period 17 June 2021 – 1 January 2022.
At the same time, in the framework of the debt relief measures, on December 22, 2021, the European Stability Mechanism (ESM), acting as a representative of the euro area member states and after their approval, made a transfer of 644.42 million euros to Greece. This corresponds to the revenues from the central banks’ participation in the SMP and ANFA programs.
“Greece has continued its progress by implementing reforms in the difficult conditions of the Covid-19 pandemic. The government has made reforms in the area of public finance management, adopted remedial measures against energy monopolies, and simplified investment licensing.
In addition, it has made good progress in the privatization and governance of state-owned enterprises, social welfare and public administration. The European institutions considered that Greece had made sufficient progress towards the reform commitments in the first half of 2021. This paved the way for the next installment of the debt relief measures related to these commitments “, said the CEO of the ESM and CEO EFSF Advisor Klaus Regling.
He added: “Greece has recovered quickly from the pandemic crisis in 2021, recovering all production losses from the previous year. The prospects for this year and beyond are encouraging thanks to the positive growth dynamics and the impetus from the Recovery Fund. That said, public debt remains very high, stressing the importance of returning to a strong fiscal position as in the pre-pandemic period. Reform efforts should be continued to improve the resilience of the financial sector and to clear government arrears.”
Latest News
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight